Growth Drivers
Large Number of Earthquakes Taking Place - Earth is a dynamic planet, and earthquakes are constantly occurring somewhere. The National Earthquake Information Center actually tracks approximately 13,000 earthquakes annually. Calcium carbide is used in manufacturing steel, which is further expected to be utilized in constructing buildings. Owing to the growing risk of earthquakes and floods, the need for strong construction is demanding. Hence, the demand for calcium carbide is anticipated to increase over the forecast period.
Growing Usage of Fertilizers - Around 200 million metric tonnes of fertilizers are anticipated to be consumed globally in 2021. By 2021, rising crop prices would result in more need for calcium cyanamide as a fertilizer, a trend that has been particularly noticeable recently.
Growing Oil Industry - By 2045, it is anticipated that India's oil consumption will increase to approximately 10 million barrels per day.
Introduction of New Technologies - CacliPro was introduced to the Russian steel industry in January 2020 by the chemicals business AlzChem Group, based in Germany. In addition to improving the castability and mechanical properties of final steel products, CalciPro is very effective at adding calcium to molten steel.
Rising Production of PVC- It was predicted that the quantity of PVC production would rise from 42,931 thousand tons seven years ago to 55,715 thousand tons in 2022 across the globe.
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
5.2% |
Base Year Market Size (2024) |
USD 17.86 billion |
Forecast Year Market Size (2033) |
USD 34.52 billion |
Regional Scope |
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Author Credits: Rajrani Baghel
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